On the evening of September 21, China's leading domestic tire company, Wanli Tire Co., Ltd. (hereinafter referred to as "Wanli Tire"), updated and disclosed its prospectus. The IPO process is just steps away from the review committee, registration, and issuance stages, rushing towards listing on the Shenzhen Stock Exchange main board. The company plans to raise 2 billion yuan, focusing on overseas capacity layout and intelligent manufacturing upgrades.

Raise 2 Billion, Overseas Projects Account for Over Half

The prospectus shows that the funding direction includes: Malaysia production base 930 million yuan, supplementing working capital 400 million yuan, R&D center upgrade 310 million yuan, Cambodia project 180 million yuan, Conghua base phase III expansion 180 million yuan. Among them, the two overseas bases total 1.11 billion yuan, accounting for over half.

Wanli Tire was formerly Guangzhou South China Rubber Tire Co., Ltd. established in 1988. It is now a Guangzhou state-owned enterprise, with the Guangzhou SASAC as the actual controller. The company has three production bases: Guangzhou Conghua, Hefei Anhui, and Cambodia. It produces 30 million semi-steel tires and 3.2 million all-steel tires annually. Products are sold to over 160 countries and regions, supplying more than 20 OEM manufacturers. The Conghua base is the largest single tire factory in China.

Capacity Full Load, Overseas Bases Accelerate Landing

In 2025, the company's overall capacity utilization rate reached 100.09%. The production-sales rates for semi-steel and all-steel tires reached 97.49% and 100.40% respectively. Supply falls short of demand, and expansion demand is urgent. The Cambodia base commenced production in January 2026. From foundation to the first tire rolling off the line took only 288 days. After reaching capacity, overseas semi-steel tire annual capacity will reach 12 million. The Malaysia base is jointly built with Success Group. Total investment is about $320 million. Planned annual tire production is 6.2 million. Expected to commence production in 2028. From 2026 to 2030, company capacity will increase by 36.97%. Domestic and international "dual-base" linkage will strengthen global delivery capabilities.

Annual Revenue 7 Billion, Market Structure Optimized

From 2023 to 2025, the company's operating revenue was 5.588 billion yuan, 6.022 billion yuan, and 7.028 billion yuan respectively, with a compound annual growth rate of 12.14%. Net profit attributable to shareholders was 398 million yuan, 417 million yuan, and 419 million yuan respectively, maintaining positive growth. Over half of the company's revenue comes from overseas. Overseas trade revenue increased from 3.234 billion yuan to 3.744 billion yuan. Among them, US and Mexico revenue decreased by 64.77%. Brazil, Saudi Arabia, and UAE increased by 14.89%, 28.28%, and 104.21% respectively. The market structure is continuously optimized.

Intelligent Manufacturing Leads, Strong R&D Capability

The "Wanli Tire 5G Factory" built by the company is one of the first three 5G factories in the rubber industry, selected as a national-level demonstration project. The company owns the tire industry's first "National Enterprise Technology Center" and National Postdoctoral Research Workstation. It has a cumulative total of 369 patents. R&D investment accounts for about 4% of revenue in the past three years.

Taking this IPO as an opportunity, Wanli Tire is accelerating the construction of a new globalized operation system of "China R&D + Southeast Asia Manufacturing + Global Sales", steadily moving towards the goal of "building a leading supplier of global high-performance tires".

Recently, the "Malaysia High-Performance Green Rubber Tire Production Base Construction Project" of Wanli Tire Co., Ltd. has seen new progress. The procurement bidding for the steel cord calender of this project has been concluded. RODOLFO COMERIO S.R.L, a globally renowned Italian calender equipment manufacturer, successfully won the bid, with a winning amount of 2.1 million Euros. This marks that Wanli Tire's plan to establish factories overseas is steadily advancing.

It is reported that the steel cord calender won in this bid is core key equipment in the tire manufacturing process, directly relating to the quality of tire carcass material and overall performance. The winning party RODOLFO COMERIO was founded in 1878. As a leading enterprise in the global calender field, it possesses profound technical expertise in the design and manufacturing of complete calender production lines such as rubber fabric and steel cord fabric.

According to the plan, this core equipment will be put into Wanli Tire's Malaysia production base, providing solid support for the project's annual production capacity target of 1.2 million all-steel radial tires and 5 million semi-steel radial tires.

The Malaysia base is an important link in Wanli Tire's global strategic layout. The project is located in Bukit Daraka, Selangor, Malaysia, covering an area of about 67.9 acres, with a total investment scale of about 2.2 billion RMB. After the project is completed, Wanli Tire will leverage the location advantages of Malaysia to effectively expand overseas production capacity and build a tire export hub radiating globally. This investment in introducing top international manufacturing equipment also demonstrates Wanli Tire's determination to deepen cultivation in the international market and build a high-quality green tire industrial chain.